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The
Committee of Sponsoring Organizations of the Treadway Commission
(COSO) released Risk Assessment in Practice, a paper designed
to help organizations find the optimal risk-taking zone, which the
paper refers to as the “sweet spot.”

“Risk assessment is all about measuring and prioritizing risks so
that risk levels are managed within defined tolerance thresholds
without being over-controlled or forgoing desirable opportunities,”
Deloitte & Touche LLP partner and paper co-author Patchin Curtis
said in a news release.

The thought paper, available at tinyurl.com/9t2o7sa, describes a
risk assessment process that should be practical, sustainable, and
understandable. The enterprise risk management process must be
structured, disciplined, and correctly scaled to the organization’s
size, complexity, and geographic reach, according to the paper.

Identifying risks requires casting a wide net at first to understand
the possibilities that need to be included in the organization’s risk
profile, according to the paper. Prioritization then takes place to
focus senior management and board attention on key risks.

TAX NEWS

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.

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